US stocks rose on Tuesday as investors awaited scheduled comments from Federal Reserve officials for clues about the US central bank’s path forward regarding interest rates.
The S&P 500 (^GSPC) rose 0.4%, while the Dow Jones Industrial Average (^DJI) advanced 175 points, or about 0.5%. The technology-heavy Nasdaq Composite (^IXIC) added a modest 0.1%.
Wall Street will tune posts from Cleveland Fed President Loretta Mester and St. Louis Fed President James Bullard on Tuesday for any potential hints on monetary policy moves in the coming months.
San Francisco Federal Reserve Bank President Mary Daly said on Monday that officials could raise the US central bank’s key interest rate above 5% if inflation does not abate. Daly also noted that canceling the 75 basis point hike in December is “premature,” and “nothing is off the table.”
In commodities markets, oil pared losses on Monday after falling to its lowest levels in January on concerns that a new lockdown in China and a reported production increase by Saudi Arabia and OPEC could weigh on demand. Energy Minister Prince Abdulaziz bin Salman has since dismissed the possibility of an increase in production, which helped oil bounce back from the slump. West Texas Intermediate (WTI) crude futures rose to around $81 a barrel, after hitting $75 a barrel on Monday.
On the corporate front, Zoom Video Communications (ZM) shares fell nearly 8% after the video conferencing platform slashed its annual revenue forecast and forecast further challenges posed by waning demand for online meetings.
A sharp rise in COVID cases across China has prompted a wave of new restrictions for the world’s largest economy just weeks after investors welcomed the end of strict lockdowns in the country.
“The specter of COVID continues to hover over the Chinese economy, threatening to trigger new crises for supply chains and commodity demand,” Susanna Streeter, senior investment and markets analyst at Hargreaves Lansdown, said in a note on Tuesday.
The S&P 500 started the holiday-shortened Thanksgiving week lower than in previous years. According to data from Bespoke Investment Group, the Monday of Thanksgiving week has historically seen the index trade slightly lower, with a decline of 0.01%. In years when the index has fallen by 10% since the beginning of the year or more, such as in 2022, the performance has been more positive, with an average gain of 0.37%.
Alexandra Semenova is a correspondent at Yahoo Finance. Follow her on Twitter @tweet
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